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Cellulosic ethanol plant planned for China

2nd May, 2008

Hong Kong-based J.I.C. Technology will invest a total of $207 million (€133.3 million) in three renewable energy projects across China, a pilot cellulosic ethanol plant and two wind farms.

J.I.C. Technology, a manufacturer of LCDs, was acquired in March by HKC, a Hong Kong-based alternative energy company.

HKC plans to change the name of J.I.C. to Hong Kong Energy Holdings, with all of its investments in renewables to be conducted through the newly acquired company.

'As the principal vehicle of the group's alternative energy businesses, the new projects signify an important first step for the company,' Eric Oei, chairman of HKC's steering committee, says. 'The government has been actively encouraging investment in renewable energy.'

China's Renewal Energy Law requires state-owned power grids to give priority to and pay premium rates for power generated by privately-owned companies using clean energy.

J.I.C will invest $2.2 million to work with GeneHarbor (Hong Kong) Technologies on the cellulosic ethanol project, using technology developed by GeneHarbor.